A dominant strategy is one that gives a player in a game a bigger payoff than the other player receives.
Answer the following statement true (T) or false (F)
False
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Economists use abstract models because:
A. every economic situation is essentially the same, so specific details are unnecessary. B. every economic situation is unique, so it is impossible to make generalizations. C. computers have allowed economists to develop abstract models. D. they are useful for describing general patterns of behavior.
When the absolute price elasticity of demand equals 2.5, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
Foreign aid got its start after World War II when:
A. several European countries began offering aid to help one another recover. B. the U.S. gave $12 billion to help rebuild several European countries. C. the UK gave $12 billion to help rebuild several European countries. D. several European countries gave $12 billion in reparations.
When negative spending shocks occur, transfer payments automatically fall
a. True b. False